U.S. Attorney John Deaton has explained in-depth why the XRP cryptocurrency cannot be classified as a security even if blockchain payments company Ripple sold it to the public as an investment contract.
The second ruling in the LBRY Credits (LBC) lawsuit from the New Hampshire district court Judge further portrays that XRP and other altcoins are not securities as contended by the United States Securities and Exchange Commission (SEC).
LBRY Credits (LBC) rallied hard this week amid reports of a favorable court case. But traders began giving back their gains Wednesday as their initial euphoria gave way to the more muted reality of a ruling that hasn’t even happened yet.
A New Hampshire district court judge has clarified that a security injunction ruled earlier in the legal battle between the United States Securities and Exchange Commission (SEC) and decentralized content-sharing and publishing platform LBRY applied only to direct sales of the project’s tokens.
The United States Securities and Exchange Commission (SEC) admitted on record that the sale of LBRY tokens in the secondary market doesn’t constitute a security. The settlement came during an appeal hearing in the LBRY vs. SEC case on Jan. 30.
“Since any information given privately to the SEC ends up leaking, we’d like to be upfront about the fact that LBRY Inc. will likely be dead in the near future,” the company behind blockchain publishing platform LBRY said via Twitter yesterday.
In Monday tweets, LBRY, Inc. said it had been “killed by legal and SEC debts.” In a follow-up tweet, the company made clear that it is LBRY Inc that “must die” though the “LBRY protocol and blockchain will continue.”